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Acting President Delcy Rodríguez Signs Privatization Law as U.S. Eases Sanctions and Announces $100 bn Oil Investment

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  • Carlos Rodríguez (right) says he would welcome US investment and the jobs it could create for his children
    Carlos Rodríguez (right) says he would welcome US investment and the jobs it could create for his children
    Image: BBC
    Carlos Rodríguez (right) says he would welcome US investment and the jobs it could create for his children (BBC) Source Full size
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  • Venezuela has the largest proven oil reserves in the world
    Venezuela has the largest proven oil reserves in the world
    Image: BBC
    Venezuela has the largest proven oil reserves in the world (AFP via Getty Images) Source Full size
  • Workers of Venezuela’s state-owned PDVSA oil company rally to back an oil reform bill proposed by acting President Delcy Rodriguez to loosen state control and open the industry to private and foreign investment in Caracas, Venezuela, Thursday, Jan. 29, 2026. (AP Photo/Ariana Cubillos)
    Workers of Venezuela’s state-owned PDVSA oil company rally to back an oil reform bill proposed by acting President Delcy Rodriguez to loosen state control and open the industry to private and foreign investment in Caracas, Venezuela, Thursday, Jan. 29, 2026. (AP Photo/Ariana Cubillos)
    Image: Newsweek
    Workers of Venezuela’s state-owned PDVSA oil company rally to back an oil reform bill proposed by acting President Delcy Rodriguez to loosen state control and open the industry to private and foreign investment in Caracas, Venezuela, Thursday, Jan. 29, 2026. (AP Photo/Ariana Cubillos) Source Full size
  • Oil pumps are a common sight in between homes and on corners of residential streets
    Oil pumps are a common sight in between homes and on corners of residential streets
    Image: BBC
    Oil pumps are a common sight in between homes and on corners of residential streets Source Full size
  • Gladysmila Gil says there is a huge contrast between her neighbourhood now and when she moved in nearly 60 years ago
    Gladysmila Gil says there is a huge contrast between her neighbourhood now and when she moved in nearly 60 years ago
    Image: BBC
    Gladysmila Gil says there is a huge contrast between her neighbourhood now and when she moved in nearly 60 years ago Source Full size
  • A typical house in an "oil camp" built for industry workers
    A typical house in an "oil camp" built for industry workers
    Image: BBC
    A typical house in an "oil camp" built for industry workers Source Full size
  • Much of the old oil infrastructure in and around Lake Maracaibo has fallen into disrepair
    Much of the old oil infrastructure in and around Lake Maracaibo has fallen into disrepair
    Image: BBC
    Much of the old oil infrastructure in and around Lake Maracaibo has fallen into disrepair Source Full size
  • Streaks of oil can be seen in the water of Lake Maracaibo
    Streaks of oil can be seen in the water of Lake Maracaibo
    Image: BBC
    Streaks of oil can be seen in the water of Lake Maracaibo Source Full size
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    Image: BBC
    Source Full size
  • Venezuela has the largest proven oil reserves in the world
    Venezuela has the largest proven oil reserves in the world
    Image: BBC
    Venezuela has the largest proven oil reserves in the world (AFP via Getty Images) Source Full size
  • Workers of Venezuela’s state-owned PDVSA oil company rally to back an oil reform bill proposed by acting President Delcy Rodriguez to loosen state control and open the industry to private and foreign investment in Caracas, Venezuela, Thursday, Jan. 29, 2026. (AP Photo/Ariana Cubillos)
    Workers of Venezuela’s state-owned PDVSA oil company rally to back an oil reform bill proposed by acting President Delcy Rodriguez to loosen state control and open the industry to private and foreign investment in Caracas, Venezuela, Thursday, Jan. 29, 2026. (AP Photo/Ariana Cubillos)
    Image: Newsweek
    Workers of Venezuela’s state-owned PDVSA oil company rally to back an oil reform bill proposed by acting President Delcy Rodriguez to loosen state control and open the industry to private and foreign investment in Caracas, Venezuela, Thursday, Jan. 29, 2026. (AP Photo/Ariana Cubillos) Source Full size
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    Image: AP
    Source Full size

Oil Reform Law Passes, Sets 30% Royalty Cap and Arbitration On 30 January 2026 Venezuela’s National Assembly approved a hydrocarbons reform that lets private, including foreign, firms manage oilfields at their own risk, removes PDVSA’s majority‑control requirement, caps royalties at 30 % and shifts dispute resolution to independent arbitration; the bill then awaited and was signed by acting President Delcy Rodríguez the same day, making it law pending publication [1][2][3][4][5].

U.S. Treasury Issues General License Excluding Rival Nations The U.S. Treasury Department released a new general license that authorizes American companies to export, purchase, sell, store and transport Venezuelan oil while prohibiting transactions with entities from China, Russia, Iran, North Korea and Cuba, aligning with Secretary of State Marco Rubio’s plan to channel oil revenues to a Qatar‑based account for Venezuelan public services [1][2][3][4][6].

Trump Orders Cuba Oil Tariffs and Opens Venezuelan Airspace President Donald Trump signed an executive order threatening additional tariffs on any country that supplies oil to Cuba and announced the reopening of commercial airspace over Venezuela, prompting the Transportation Department to lift the long‑standing flight ban and enabling American Airlines to resume service after a six‑year hiatus [1][2].

$100 bn U.S. Investment Proposal Coupled with Private‑Security Plan Trump unveiled a $100 billion investment initiative to rebuild Venezuela’s oil sector, while internal White House discussions revealed plans to employ private military contractors to protect oil assets, a strategy echoed in the administration’s “go‑in‑get‑oil” rhetoric; Exxon Mobil CEO Darren Woods nevertheless called Venezuela “uninvestible” without stronger legal safeguards [5][7][1].

Political Turbulence and Investor Caution Persist The reform follows a U.S. operation that captured former President Nicolás Maduro earlier in January, leaving Delcy Rodríguez as interim president; analysts warn that armed groups, lingering sanctions, and the need for transparent revenue tracking—highlighted by opposition deputy Antonio Ecarri—continue to deter major foreign capital despite the legal changes [2][4][6][7].

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Timeline

1922 – The Los Barrosos‑2 well is drilled, producing a massive oil gush that launches Venezuela’s modern oil era and sets the stage for future nationalization [21].

1976 – Venezuela creates the state oil company PDVSA, cementing government control over its vast reserves and shaping decades of oil policy [21].

1970s – Venezuela peaks at about 3.5 million barrels per day, supplying over 7 % of global crude, a benchmark later eroded by mismanagement and sanctions [1].

1999 – Production again reaches 3.5 million barrels per day, underscoring the country’s capacity before the steep decline of the 2000s [30].

2025 (end‑year) – Output falls to roughly 860,000 bpd, less than 1 % of world crude, reflecting years of under‑investment, sanctions and political turmoil [1].

Late 2025 – The Trump administration reviews Iraq’s post‑invasion oil rollout, noting sabotage from local mistrust and using the lesson to shape its Venezuela strategy [6].

Jan 3, 2026 – U.S. forces capture President Nicolás Maduro in Caracas, charging him with narco‑terrorism and triggering a power vacuum filled by interim President Delcy Rodríguez [14][17][19].

Jan 4, 2026 – Trump declares the United States will “run” Venezuela and rebuild its oil infrastructure, framing the move as repayment for alleged Venezuelan damages [24].

Jan 5, 2026 – Trump announces U.S. control of Venezuela’s oil reserves and urges American firms to invest billions, while analysts warn the effort could cost ≈ $10 billion annually and PDVSA estimates $58 billion to modernize pipelines [25][21].

Jan 6, 2026 – Executives from ExxonMobil, ConocoPhillips and Chevron say the U.S. government never consulted them about the Maduro operation, contradicting Trump’s claim of prior industry talks [20].

Jan 7, 2026 – Trump posts that Venezuela will “turn over” 30‑50 million barrels of sanctioned oil to the United States, directing Energy Secretary Chris Wright to ship the crude to U.S. Gulf docks [16][18].

Jan 7, 2026 – The White House announces it will control Venezuelan oil sales “indefinitely,” planning an initial tranche of 30‑50 million barrels that could raise ≈ $2.8 billion for U.S.–controlled accounts [4][5].

Jan 7, 2026 – U.S. forces board Venezuela‑linked tankers in the Atlantic and Caribbean as the administration prepares to market the oil, while markets see only a modest ≈ 2 % dip in crude futures [18].

Jan 8, 2026 – Trump frames the oil transfer as a private “slush fund,” saying proceeds will be managed by his administration and used to buy American products for Venezuela [15].

Jan 9, 2026 – Trump claims $100 billion will flow from major oil firms into Venezuela’s sector, posting the pledge on social media ahead of a White House meeting with Exxon, Chevron and ConocoPhillips [14].

Jan 9, 2026 – Environmental groups warn that reviving Venezuela’s heavy‑crude production could exacerbate methane emissions, flaring and spills, noting IEA data that the country’s upstream intensity is six‑times the global average [13].

Jan 10, 2026 – At a White House roundtable, Trump urges U.S. majors to invest in Venezuela, while ExxonMobil CEO Darren Woods bluntly calls the country “uninvestable” under current legal frameworks [3][12].

Jan 10, 2026 – Trump tells executives that the U.S. will decide which firms can operate, hinting that Exxon may be sidelined if it does not show enthusiasm [11][12].

Jan 11, 2026 – Former national‑security adviser John Bolton warns that the aggressive oil push could backfire, scaring investors away and undermining U.S. energy goals [10].

Jan 12, 2026 – Trump says he is “inclined to keep ExxonMobil out” after Woods’ “uninvestable” comment, and signs an executive order to shield Venezuelan oil revenue from seizure [27].

Jan 15, 2026 – The United States completes its first Venezuelan oil sale, netting $500 million, and signals additional transactions in the coming weeks [8].

Jan 22, 2026 – Venezuela’s National Assembly advances a bill loosening state control, allowing private operators to market output, cut royalties to 15‑30 % and use international arbitration for disputes [7].

Jan 29, 2026 – A U.S. investment plan touts a $100 billion revival of the Maracaibo oil heartland, noting the region’s decay, the drop from 3.5 million to 860,000 bpd, and local hopes mixed with fears of foreign exploitation [1].

Jan 30, 2026 – Venezuela’s legislature approves the hydrocarbons reform, granting private firms greater autonomy and prompting the U.S. Treasury to issue a general licence that eases oil‑related sanctions [2].

Future (late Jan 2026) – The White House schedules a Friday meeting with Exxon, Chevron and ConocoPhillips to discuss U.S. access to Venezuelan oil and the logistics of the 30‑50 million‑barrel transfer [19].

Future (2026‑2040) – Analysts estimate that restoring Venezuela’s oil sector to historic levels will require ≈ $183 billion over the next 15 years, underscoring the long‑term nature of the proposed revival [10].

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